EUR44 Million of EU Funding Drives SMEs Growth and Innovation in GeorgiaFootage and interviews: https://we.tl/t-RVH2OIjfmc
The EU4Business Initiative, launched in 2023, will invest EUR44 million to support the growth of small and mid-sized businesses (SMEs) in Georgia.
Over 39,000 SMEs were successfully supported by 50 projects in Georgia last year. These projects have had a significant impact: a 12.8% increase in turnover was noted among the supported SMEs. This resulted in almost 37,000 new job creations. These businesses also generated an additional EUR200 million, demonstrating the effectiveness of this initiative in stimulating economic development.
* Access to finance: EUR2 million (52.9% total budget) invested to support concessionary lending, microfinancing and financial literacy training for SMEs.
* Business Development Services : EUR9 Million invested (24.8% budget) for direct advise, training, development of business clusters and entrepreneurship and innovation.
* Business Enabling environment: EUR7 million (22.2% budget) invested to promote regulatory reforms, improve policymaking capabilities, and encourage public/private dialogue. This creates a more favorable business climate.
Key Achievements for 2023
* 39 072 Georgian SMEs benefited from various forms support, including consulting services, access to financing, and capacity-building programmes
* 36,973 jobs were created in EU-supported SMEs
* 458 EU supported SMEs began exporting their products. This contributed to a 6.8% rise in total exports
17275 SMEs have received loans
* 371 SMEs have received grants
* 4% of the supported enterprises are owned by or managed solely by women, promoting gender equality in business
* EU-supported SMEs have increased their staff by 26.5%
“The European Union is committed to the growth of Georgia’s economy and its competitiveness. The flagship project of the EU, its Economic and Investment Plan has already exceeded its target of supporting 80,000 SMEs. Over 100,000 SMEs benefited from EU assistance in 2021-2023. We are pleased to see that these results are reflected in the EU4Business Report. The EU4Business Report highlights the fact that many new jobs have been created by EU-supported businesses, and that more than 40% of these enterprises are owned or run by women. This promotes gender equality in business, and fosters economic and social inclusion. The EU’s investment into Georgia’s economy is an investment for the future of the country”, – said Nicholas Cendrowicz. Head of Cooperation at the European Union Delegation to Georgia. The results speak volumes. From 2021 to 2030:
The initiative has supported over 100,000 SMEs;
* 77,000 new positions were created
* An additional EUR550 million of income was generated.
For more information, please visit the EU4Georgia site.
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